Pi Network team announces important mainnet launch update
The developers of the cryptocurrency project Pi Network have released an important update regarding the mainnet launch schedule and the ongoing Know Your Customer progress.
The team announced in an X post that more than 18 million pioneers had successfully completed the KYC verification process and that the number was steadily increasing.
Pioneers, we’ve reached over 18 million KYC’d and over 8 million Mainnet migrated Pioneers! Thanks to recent major speed upgrades, KYC applications and Mainnet migrations are processed faster than ever, i.e. nearly 200,000 Pioneers migrated in the last day. This means Open… pic.twitter.com/tHKdZPTcmv
— Pi Network (@PiCoreTeam) December 20, 2024
Pi Network developers extend KYC verification deadline
The update stated that every day, more than 200,000 pioneers complete KYC verification. But the developers have once again shifted the grace period deadline from December 31 to January 31, 2025. After an earlier extension on November 31, this is the second deadline extension.
What makes Pi Network KYC very important for users?
For Pi Network, the KYC process is necessary because it attempts to get rid of bots and guarantee that only legit users who mined the coins receive their rightful share.
Recently, the team behind Pi Network disclosed two vital warnings to its users. The developers first cautioned the "pioneers" to only trust information from official sources. A special safety page with links to all the sources and URLs the community can use was also made available.
Pi Network also reminded users to only use their Pi Wallets in the specified Pi Browser. To protect your Pi, make sure you're in the right wallet—not a fake one. A purple color in the Pi Browser's navigation bar with a Pi logo that includes the Core Team apps logo is another way to spot an authentic Pi wallet, the warning stated.
The Open Network launch is anticipated to take place in the first quarter of next year, according to the developers. Given that the initial timeline indicated the migration from the enclosed mainnet would take place this month, this represents a significant update. Perhaps as a result of the delay, the Pi Coin IoU token listed on HTX has plummeted to $44 from its peak of almost $100 in October, the post added.
The launch of the Open Network marks a significant turning point for Pi Network, a project that began in 2018 and has been operating in an enclosed mainnet for the past three years. While developers worked on creating decentralized applications (dApps) for the ecosystem, pioneers were able to continue mining during the enclosed mainnet period. The inability to sell Pi coins during this phase will be lifted following the mainnet launch.
Challenges to the mainnet launch of the Pi network
However, since the X post above refers to can rather than will, a Q1 mainnet launch is not guaranteed. Only eight million of the 15 million pioneers who finished their KYC process have moved to the mainnet. Additionally, the developers stated that they are unable to leave this many pioneers from the launch because the number has not yet reached the 10 million target.
The ecosystem's lack of applications is the other challenge associated with the Pi Network mainnet launch. At launch, the initial target was to have at least 100 mainnet-ready apps; today, that number is 80. For the mainnet to launch, they must have an additional 20 apps, which is unlikely to happen by March of the following year.
The performance of the cryptocurrency market will probably be the third challenge to a mainnet launch. The developers state that when the ecosystem has enough applications and supportive external factors, the mainnet launch will also take place. Therefore, if the current sell-off of Bitcoin and other altcoins gets up to speed, it is likely that the Pi coin will not be listed.
According to CoinMarketCap, Pi is trading at $46.91 and dropped by 7.10% in the last 24 hours as of the time of writing.
Disclaimer
This information should not be considered financial advice by any means. Please do your own research before making any investment decisions. The views in the articles are personal opinions only. Whale Insider is not responsible for any financial losses incurred.